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Home Loans In Raleigh, North Carolina 

North Carolina’s capital city of Raleigh is the place to be if you’re all about that southern hospitality charm. As the second-most populous city in the state, Raleigh paints a picture of vibrancy and diversity mixed with rich cultural heritage. 

The housing situation is also quite promising, with the city taking the third spot among the top 10 hottest U.S. real estate markets for 2022. If you’re looking to own a home in Raleigh, now would be a good time to start shopping for a new house. 

However, because it’s such a huge investment, it’s important to weigh your financing options carefully, especially if this is your first time buying a home. To streamline your decision-making, we’ve put together our best tips for first-time homebuyers for a smooth, seamless process. 

4 Tips For First-Time Homebuyers in Raleigh, NC

     1. Know What You Can Afford

We all have a mental picture of what our dream home would look like. Some people want a house with a fence in the suburbs; some want a 2-story apartment with a spacious outdoor area… the list could go on. 

Ultimately, however, your budget and current financial capacity will determine what kind of house you can get and how much funding you can apply for. The general rule of thumb is to keep your mortgage costs below 36% of your gross monthly income. 

     2. Raise A Substantial Down Payment 

Many home loans require a down payment of between 3% to 5% of the property cost. However, if you can afford to present a higher down payment, consider doing so. Try to secure a down payment of at least 20%. 

Not only will this strengthen your loan application, but it can also eliminate the need to pay private mortgage insurance (PMI). The PMI is typically 1% of the loan amount and is charged annually in addition to your mortgage payments. 

Even if you’re applying for a home loan with a 0% down payment requirement, try to secure a good enough down payment nonetheless, as it can mean more favorable rates for your loan. 

     3. Plan For Closing Costs

The closing costs cover several fees that you must pay when buying a house. These include application fees, attorney fees, escrow deposits, appraisal report fees, credit report fees, and Homeowners association transfer fees, among others. 

Expect to pay around 3% to 6% of the home’s purchase price to cover the closing costs. 

     4. Get Pre-Approved For A Home Loan Before House Hunting 

Many sellers will not entertain any offers unless you have your pre-approval letter ready. This letter demonstrates your ability to obtain the necessary funding to buy the house, should they choose to sell to you. 

The pre-approval process typically varies from one lender to the other. Still, the requirements are usually the same — proof of income, tax returns, bank statements, credit reports, and other supporting documents required by the lender.  

Raleigh, NC Mortgage Lender

As a first-time homebuyer, you’re better off working with a direct Raleigh, NC mortgage lender like Capital Home Mortgage. A direct lender means fewer hassles because they control the entire home loan process, from application to funding. 

At Capital Home Mortgage, we offer a variety of home loan programs, including FHA loans, Conventional loans, Jumbo loans, USDA home loans, VA loans, and more. 

You can use our mortgage calculator to get an idea of what to expect based on your preferred mortgage product and budget. 

Find The Right Raleigh, NC Home Loan For Your Needs

Talk to our loan officers today about securing your home loan in Raleigh, NC. Our experienced team will also work closely with you to get the right mortgage for your needs. Whether you’re a first-time homebuyer or this is your 10th home purchase, we make your home buying experience as stress-free and straightforward as possible. 

Call us now at (910) 500-6017 to get started with a quick, no-obligation quotation. Thank you again for your interest in our services and we look forward to providing you next home loan.

Why Raleigh is Choosing Capital Home Mortgage...

Close On Time with True Approval

Control of the Loan from the Application to Funding.

Great Raleigh Rates / Low Fees

Direct Mortgage Lender Providing Competitive Rates and Low Fees.

Raleigh Customer Service

7  Day a Week Support from Application to Final Mortgage Payment. 

Raleigh Mortgage Rates

Have you ever wondered why interests rates are what they are and what determines the final rate?  Why borrowers receive different interest rates? Or why rates go up and down?  Interest Rates are calculated using several factors.

  • Demand for the mortgage Securities
  • Property securing the mortgage
  • occupancy of the property
  • Loan to value of the property
  • Borrower’s credit worthiness

Capital Home Mortgage Raleigh is dedicated to offering great Raleigh Mortgage Rates and Low Fees all while providing exceptional customer service.  Our mortgage professionals are focused solely on home mortgage lending to make your experience smooth with an on time closing.  Call today to speak with a mortgage officer or request a no obligation quick rate quote.

Raleigh Mortgage Team

Raleigh Mortgage Programs

Raleigh Home Purchase

Buying a Raleigh Home?

  • Primary, 2nd, Investment
  • Low Rates & Low Fees
  • Conventional, FHA, VA, USDA
  • Jumbo, Reno, Manufactured

Raleigh Renovation Home Loans

Raleigh Rehab Loans

  • Remodel, Renovate, Repair
  • FHA 203K Streamline or Full
  • Fannie Mae Homestyle Reno
  • Freddie Mac Choice Reno

Raleigh FHA Home Loans

1st Time Raleigh Homebuyers

  • Smaller Down Payment
  • Flexible Underwriting
  • Higher Debt to Income Ratios
  • Lower Credit Scores Allowed

Raleigh VA Home Loans

100% Loans for Raleigh Veterans

  • Simply Qualifying
  • No Down Payments 
  • Lower Credit Scores Allowed
  • Manual Underwriting Allowed

Raleigh Conventional Home Loans

Flexibility for Raleigh Buyers

  • Primary, 2nd, Investment
  • Great Rates & Low Fees 
  • Single and Multi-Family
  • Renovation Loan Programs

Raleigh Jumbo Home Loans

Great Raleigh Rates

  • Primary & 2nd Homes
  • Higher Amounts – 3 Million
  • Great Interest Rates
  • Investor Specific Guidelines

Raleigh USDA Home Loans

Raleigh Rural Properties

  • Rural Properties Only
  • Primary Residence Only
  • New Manufactured Homes
  • Closing Costs Can Be Rolled In

Raleigh Native American Loans

Raleigh HUD 184 Loans

  • Primary Residence Only
  • Manual Underwrite All Loans
  • No Credit Score Requirements
  • Tribal Grants Allowed

Raleigh Manufactured Home Loans

Raleigh Mobile Home Loans

  • Purchase or Refinance
  • New Home Purchase
  • OTC Combo Land & Home
  • FHA, VA, USDA, & HUD 184

Raleigh Reverse Mortgages

Your Raleigh Home at Work!

  • Primary Residence Only
  • Simple Qualifying
  • Credit Scores Not Applicable
  • Minimum Age 62

Raleigh Cash-Out Refinance

Raleigh Equity Refinance

  • Reduce Mortgage Term
  • Lower Monthly Payments
  • Appraisal Waivers
  • Streamline Options Available

Raleigh Mortgage Refinance

Raleigh Rate & Term Refinance

  • Purchase, Refi & Cash-out
  • Primary, 2nd & Investment
  • Full Doc & Alt Doc Programs
  • Corporations OK

Raleigh Mortgage Company Reviews

North Carolina Cities

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Winston Salem Home Loans

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High Point Home Loans

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